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. Last Updated: 07/27/2016

'$2Bln Spent' on UES Stakes

Financial-industrial groups spent a total of $2 billion buying up stakes in Unified Energy Systems and its regional subsidiaries in the last six months, UES CEO Anatoly Chubais said Tuesday.

"It is very important that Russian businesses, since September-October last year, made the decision to invest [in the electricity sector]," he said.

Financial-industrial groups MDM, Base Element, Interros, SUAL, Yukos, LUKoil and others spent about $800 million buying stakes in UES and about $1.2 billion buying stakes in its regional subsidiaries, he said. During that time, the market value of UES more than tripled, from $3.2 billion nearly $10 billion now.